« What are your next steps, then? »
“Overwhelmed, held back and frustrated.”
“Trading rules are confusing.”
“Technical patterns are confusing.”
“Options are confusing.”
“I don’t have time.”
“Other traders are making money with the Scouting Reports and I am not.”
If somehow these types of thoughts are running through your head at this moment, it’s almost certain that you will quit sometime soon.
Let’s say you will indeed quit. What are your next steps regarding your money?
- Let it be?
- “Go, you’re free now. Run free.” you would say to your money.
- Trust your account manager to find the best investment solutions for you?
- Let the dollar crash and lose purchase power?
There can be no excuses. That is why we have four suggestions for you:
1
Simplify. Don’t try to trade all strategies. Find one that fits your personality and daily routine and get good at it.
2
Don’t compare yourself to other traders but to who you were yesterday.
3
Simplify your daily routine to the bare-bones so you don’t stop doing it. This will create momentum which will boost your confidence.
4
Before you go to bed write this on a piece of paper: “I want to structure my day tomorrow so that when I’m done with the day, my life is in slightly better order than it was when I woke up this morning.” After that, list three simple and doable tasks related to your trading business that, once finished, will make you feel like your life is in better shape than it was when you woke up.
Remember: Money is like a jealous lover. If you don’t give it enough attention, it will leave you. Or at least it won’t be there when you need it.
Chart of the Day
Covered Call Structure
Say you want to quit trading and park your entire money on a handful of stocks you love. One strategy that can complement the capital gains you are aiming for with some nice monthly cash flow is the Covered Call. Just a few minutes per month to manage is all it takes. Simplify so you don’t quit.
Video of the day
How to create your daily trading routine in 4 STEPS
In this video, you are going to learn how to create your Daily Trading Routine in only 4 STEPS!! Plus: How Tackle Trading is the best platform to perform your trading routine.
Today’s line up
Tales of a Technician
Does the Market Breakout Spell Doom for Condors?
No. See ya next week. I kid, I kid. Here’s the full answer: Let’s assume you’ve been diligently following Cash Flow Condors by deploying RUT Index Iron Condors every month this year. By my count, you’re on a nine-month winning streak (April – Nov).
Traders Lounge 11 PM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
The Coaches Show 8:30 PM EST
This is our weekly MasterMind group. Join the coaches tonight, 8:30pm EST to discuss the markets and help you prepare for the week.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
Financial freedom is a journey
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